Magna Pondering Pininfarina Acquisition

After fighting for Opel almost half a year and quit the battle after General Motors decided to keep the German brand, Magna International is now targeting the Italian design house Pininfarina. Obviously, all things are kept secret, but Autonews writes that the main reason behind the move might be the financial problems encountered by the Italian firm.

In the last couple of months, rumors regarding a potential acquisition of Pininfarina involved several other big names of the automotive industry but none of them actually managed to complete the deal. Tata Motors was one of the names believed to be interested in the design house ever since 2009, with voices familiar with the matter hinting that Pininfarina was looking to sell a 50.7 percent stake in the company.

However, the company was fast to deny the rumors, emphasizing that Pininfarina is almost impossible to be purchased by a carmaker based in an emerging market because it might not have the necessary resources to bring the brand back in the game.

"As manager, I find it difficult to imagine Pininfarina owned by an automaker from the emerging markets," the company's CEO, Silvio Pietro Angori, was quoted as saying by Il Sole 24 Ore, via Autonews. "It is not up to me to decide but such a solution could be limiting for the company's potential. I would look more toward sectors similar to the auto division, maybe one or more investors with a successful record in managing luxury brands."

More details are likely to emerge soon as negotiations between the involved parties continue, so we'll keep you posted.